Paid off today

In general it is easy to fall in traps like buying coffee at Dunkin Donuts versus making a cup..little things add up over time of course.

I'm curious, on your house how long did you actually pay a mortgage and how much down? I've had to refi and cash out some equity to make improvements I could not otherwise afford (function, not comfort). Right now I pay about 4-5 extra payments per year on mine.

 

Paying off a low interest loan makes no sense, if you have your money invested. You still would be better off with your money in a tax free muni bond, then paying off a low interest loan, especially if you money is just sitting a bank. With bank interest so low, you money is worth less at the end of the year, after figuring in taxes and inflation.

I have to laugh at swimmer, he probably has his money earning next to nothing at the bank and is probably unwilling to invest in the market. There are some investments that are guaranteed, insured Muni bonds and some annuities. Every person has different needs and risk aversion

 

Paid cash.

Unless Toyota offers 0% financing I'd rather not have a loan. Makes it easier to get loans for other investments, I prefer real estate and the return in my neck of the woods has been insane.

 

I had our home built, so no maintenance for quite some time, thankfully. I got a 15 yr mortgage, then paid extra, and had it paid off in nine years.

I believe if you can't afford the payment on a 15 yr mortgage, then you can't afford the house. Many people get 30 yr (or longer) mortgages and then buy a house that requires a payment that stresses their ability to pay. That's what I meant by living above one's means.

Too many people are not content and therefore borrow money to live better. Better home, newer car, fancier vacations, etc.

Often times this leads to financial catastrophe. I'm very conservative, and I realize not everyone will agree, but it has worked for me.

 

I owe a tad over $600.00 on mine. I'll have it paid off in September. Give trump a year or 2 at the reins and see if this country goes to hell in a hand basket, if not I will pop on a SR5, 4X2, Barcelona Red, V6, Access Cab.

 

I bought a hhouse built in 1933. Needed work as did anything I could afford but I got a decent deal from family. 30 year because I had to do a lot of work on it as well, I'm paying now what my payment would be on a 15 year. My 30 year payment is less than rent on a 2 bedroom apartment would be in MA. i agree with the stressed payment in so many examples I know..i was very careful not to do that. My sister wasn't and just lost her house.

 

Keep 6 month's worth of cash on hand, and everything beyond paying off bills each month goes to maxing out Roth IRA -> 401k -> rest to mutual funds/bonds.

Everyone has their own opinion on what's best to do with surplus income. I lean more towards the side of letting money earn more money.

 

Anyone a paycheck to paycheck owner without 20k just sitting in the bank? lol late 20's i figure some of you taco owners are too.

 

Pretty much yes, early 40's.

 

Hmmmmmnnn...Ok...

 

Can I have 10 dollars? You'll still be up 990.